Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8 percent as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12 percent. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by six percent to reach $25.1 billion.
In view of the results, the board of directors has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2017.
Sabih Masri, chairman of the board of directors, stated that the strong performance of Arab Bank Group confirms the success of the group in dealing with the challenging and changing operating environment and reflects the group’s prudent operating policies.
Nemeh Sabbagh, chief executive officer, said that the solid results of Arab Bank Group for 2017 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses.
Sabbagh said that Arab Bank Group enjoys strong liquidity and robust capitalization. As of Dec. 31, 2017, the group’s loan-to-deposit ratio stood at 74 percent, whilst the capital adequacy ratio calculated in accordance with Basel III regulations is at 15.3 percent. He added that the asset quality of the group remains to be high, with NPL ratio at 5.2 percent, and credit provisions held against non-performing loans at 100 percent, excluding the value of collaterals.
Masri said that the encouraging results will continue to support the continuous improvement in the financial performance of the group and its position in its markets.
Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker — Financial Times, London and “Best Bank in the Middle East for 2017” by Global Finance, New York.
The 2017 financial statements are subject to the approval of the Central Bank of Jordan.
In view of the results, the board of directors has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2017.
Sabih Masri, chairman of the board of directors, stated that the strong performance of Arab Bank Group confirms the success of the group in dealing with the challenging and changing operating environment and reflects the group’s prudent operating policies.
Nemeh Sabbagh, chief executive officer, said that the solid results of Arab Bank Group for 2017 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses.
Sabbagh said that Arab Bank Group enjoys strong liquidity and robust capitalization. As of Dec. 31, 2017, the group’s loan-to-deposit ratio stood at 74 percent, whilst the capital adequacy ratio calculated in accordance with Basel III regulations is at 15.3 percent. He added that the asset quality of the group remains to be high, with NPL ratio at 5.2 percent, and credit provisions held against non-performing loans at 100 percent, excluding the value of collaterals.
Masri said that the encouraging results will continue to support the continuous improvement in the financial performance of the group and its position in its markets.
Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker — Financial Times, London and “Best Bank in the Middle East for 2017” by Global Finance, New York.
The 2017 financial statements are subject to the approval of the Central Bank of Jordan.
